Feb 5, 2025 | Personal Tax
Starting April 2025, HMRC will stop using emergency tax codes for individuals receiving private pensions for the first time. This move follows widespread criticism of the current system, often resulting in incorrect tax deductions when people draw their pensions....
Feb 4, 2025 | Personal Tax
As 31 January approached, accountants and taxpayers faced the familiar last-minute scramble to file self assessment tax returns. Despite a rush of submissions on deadline day, 1.1 million taxpayers failed to meet the 2023/24 tax year cut-off. HMRC had expected around...
Jan 28, 2025 | Personal Tax
Starting in April 2025, HMRC will stop using emergency tax codes for people starting private pensions, addressing long-standing criticism about incorrect tax deductions. The change aims to ensure new pensioners are taxed accurately from the outset, reducing delays and...
Jan 23, 2025 | Personal Tax
December 2024 saw tax receipts rise across the board, with capital gains tax (CGT) showing the most dramatic increase following Labour’s first Budget. CGT receipts for December 2024 reached £335 million, more than double the £156m collected in December 2023. Over the...
Jan 22, 2025 | Personal Tax
The forthcoming increase in the national minimum wage is set to improve incomes for many workers across the UK. However, graduates in non-graduate roles who occasionally work extra hours could find themselves crossing the earnings threshold for student loan...
